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USD/KRW has seen the return of bullish...>

KOREAN WON
KOREAN WON: USD/KRW has seen the return of bullish impetus in early trade as the
rate has played catch-up to yesterday's market rout, inspired by a growing
concern over the Covid-19's spread across the world. In addition, South Korea
released another grim piece of data this morning. Business confidence slumped
among manufacturers & non-manufacturers alike, with the m'fing sector seeing the
largest deterioration in sentiment since the MERS outbreak in 2015.
- As a reminder, consumer confidence data from earlier this week displayed a
similar trend, falling the most since 2015. Rapidly deteriorating sentiment
gauges have contributed to a mounting pressure on the BoK to reduce borrowing
costs at Thursday's meeting to try and mitigate the impact of Covid-19 outbreak.
- The most recent update puts the no. of Covid19 cases in South Korea at 977. 
- USD/KRW trades +7.35 fig. at KRW1,217.55. Mon/Tues highs at KRW1,220.40/50 are
on the radar and ab break here would open up a multi-year high of KRW1,223.10,
last printed on Aug 6. Bears look for a pullback below KRW1,208.82, which
limited losses yesterday.
- Friday's industrial output print will take focus towards the end of the week.
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